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Las Vegas Wins $28M in Affordable Housing Incentives; Relaxed Laws for Medical Marijuana Could Spur Space Demand

18 Jun 2014, 2:40 pm

By Alex Girda, Associate Editor

About $28 million in federal financing for affordable housing is headed to Las Vegas.  Under the New Markets Tax Credits program, investors will get incentives to invest in development targeting residents at the lower end of the income scale. According to The Las Vegas Review-Journal, Senate Majority Leader Harry Reid was instrumental in securing the allocation for Las Vegas.

However, some new niches of the economy appear to need no incentives from the government to spur growth. A new state law authorizing dispensaries for medical marijuana is drawing considerable interest.  According to the Bradenton Herald, Clark County had approved 18 dispensary licenses as of  June 9 from a field of 79 applicants. Before the enactment of the law last year, patients wishing to legally use medical marijuana were required to grow it themselves.

More relaxed laws related to medical marijuana could also create a new niche real estate market. Clark County has recently approved 101 applications to operate production, cultivation and laboratory facilities, according to the Review-Journal. The applications await final approval from the state.



Master-Planned Communities Line Up at the Starting Gate

11 Jun 2014, 9:40 pm

By Alex Girda, Associate Editor

As Downtown Summerlin prepares to test the market this fall, a number master-planned communities in the Las Vegas metropolitan area are moving forward after weathering hard times.

After the economic downturn put its development plans on hold,  The LandWell Co. sold a 200-acre site to Lennar Corp. and then lined up an 18-acre residential project with Woodside Homes. According to VegasINC.com, the developer now has around 255 acres of its land under development following a  series of recent deals.

The site of LandWell’s Cadence project is the 2,200-acre former industrial dump located between Boulder Highway and Lake Mead Parkway. Development plans call for 13,250 housing units, 1.1 million square feet of retail, as well as 1,500 hotel rooms. With Cadence seeing movement and grading expected to start soon, a new hub of activity may be on the horizon in Henderson.

VegasINC.com also noted that the 1,700-acre  Skye Canyon development is scheduled to break ground this month. The project calls for 9,000 new homes. In North Las Vegas, developers are eyeing a 2015 start for Park Highlands, 2,700-acre master-planned community that will ultimately encompass some 15,000 homes at the site. And in Henderson, the 7,500-home  Inspirada project is gearing up for construction.

Image courtesy of colliersparrish.com



Downtown Summerlin Nears Completion and First Test

5 Jun 2014, 1:24 am

By Alex Girda, Associate Editor

As Summerlin’s downtown edges closer to reality, Howard Hughes Corp’s concept for a new style of large-scale development in the area is set to get its test with with homebuyers and businesses.

Already 20 years in the making, the new city on the western end of Las Vegas aims to offer a category of urban environment new to the area.

Downtown Summerlin will include 1.6 million square feet of space over 106 acres along the Clark County 215 Beltway. The project will also include more than 125 shops, a nine-story office building and a high-end apartment component.

At full buildout, the 22,500-acre Summerlin development will offer 22 public and private schools, houses of worship, nine golf courses, 150 parks, more than 150 miles of trails, as well as a  large inventory of office space, retail and medical facilities.

According to The Howard Hughes Corp., Summerlin should total around 80,000 homes and house around 200,000 residents at full buildout. The new urban center is halfway there in terms of homes and residents. Homes here range from apartments to high-end, custom-built houses. As 6,000 acres still remain unsold, some 30 years of development are still ahead.

 Image courtesy of howardhughes.com



Asurion to Open Call Center in North Las Vegas; U-Haul Opens Self-Storage Facility

28 May 2014, 5:25 pm

By Alex Girda, Associate Editor

In a significant boost for the North Las Vegas office market, Asurion L.L.C. plans to open a 90,000-square-foot call center at the Montecito Point office complex. The Nashville, Tenn.-based provider of insurance for mobile devices says that it will hire 500 people in the next year and 800 people over the next five years at the facility, which is located at 6605 Grand Montecito Parkway near U.S. Highway 95 and the Las Vegas Beltway.

According to The Las Vegas Review-Journal, the announcement comes after Asurion made a pitch for tax incentives in January to the Governor’s Office of Economic Development.

In other news, the newly acquired and rebranded U-Haul Moving and Storage at 3083 W. Lake Mead Boulevard is now open. Formerly known as Pic-N-Pac Storage, the facility includes a two-story self-storage facility as well as a one-story self-storage building that also includes office space and an apartment.

Completed in 2005, the facility offers 634 indoor and drive-up units, 534 of which are air-conditioned.

According to a statement from U-Haul Co., the new facility reflects the company’s support of infill development to help communities reduce their carbon footprint. The use of existing buildings helps minimize energy and resource consumption associated with new construction.

Photo courtesy of U-Haul Co.



Blackstone Acquires The Cosmopolitan from Deutsche Bank in $1.7 Billion Deal

21 May 2014, 7:59 pm

By Alex Girda, Associate Editor

In one of the year’s largest asset sales, Deutsche Bank has agreed to sell the Cosmopolitan to Blackstone Real Estate Partners VII for $1.73 billion.

 According to Pius Srenger, head of  the bank’s non-core operations unit,  the deal is part of the company’s Strategy 2015+ which aims to reduce Deutsche’ Bank’s“non-core legacy positions in a capital efficient manner which benefits shareholders.”

For Blackstone, the Cosmopolitan marks the latest addition to a growing portfolio that also includes a stake in Caesars Entertainment, approximately 1,000 homes and the Hughes Center business park.

The Cosmopolitan is a 6.7 million-square-foot, 3000-key resort that extends across 8.7 acres. Also included is a 110,000-square-foot casino, about 300,000 square feet of retail and dining space, a 40,000-square-foot fitness center and spa, a 1,800-seat theater, as well 165,000 square feet of meeting space. The property was designed by the Friedmutter Group with help from Aquitectonica for the exterior design features, while DeSimone Consulting Engineers was responsible for engineering during the construction process.  

Image courtesy of fglv.com



MGM Resorts Unveils Plans for The Park, Promenade Linking New York-New York, Monte Carlo

14 May 2014, 9:51 pm

By Alex Girda, Associate Editor

MGM Resorts International recently unveiled plans for a  pedestrian-friendly transformation of part of the Las Vegas Strip. Dubbed the Park, the eight-acre destination will bridge the area between the New York-New York and Monte Carlo resorts, which are adding plaza-like spaces that will feature additional entertainment and dining attractions.

Envisioned as a sun-filled, resort-like promenade, the Park will provide common areas with distinctive landscaping, social spots, relaxation areas and patio-style furniture. Water features will also be part a vibrant atmosphere that will encourage street performers to entertain passers-by.

At night, the Park will turn into an urban walkway, with LED lighting fixtures taking over the landscaping. Shade structures will feature light sequences from above, while live music from the open-air venues will add to the energy. The dining venues that will draw visitors throughout the day include Shake Shack, Bruxie, Sake Rok, Beer Garden, A Robert Mondavi Jr. Wine Experience, Dierks Bentley’s Whiskey Row and Cuba Libre Restaurant & Rum Bar.

The Park will feature eco-friendly initiatives, in keeping with MGM Resorts’ practice of developing LEED-certified facilities. With designs provided by master-planner Cooper, Robertson & Partners, architecture and urban-design firm !melk, as well as Marnell Architecture, the Park will pursue LEED Gold certification.

Rendering courtesy of newyorknewyork.com



SolarCity Expands to Nevada, Will Serve Metro Las Vegas Starting this Fall

7 May 2014, 8:43 pm

By Alex Girda, Associate Editor

In recent years, solar power has become a viable power source for residences in sun-drenched California and Arizona. Now, Nevada is seeing serious interest from a major provider. SolarCity recently announced plans to expand its operations in the state, beginning with residences in metropolitan Las Vegas.

SolarCity will begin its homeowners’ coverage for a monthly $30 fee, a rate considerably lower than what a conventional utility would charge. The solar power provider will offer design, installation, financing, insurance, monitoring and a performance guarantee. Installations will begin in October on a first-come, first-served basis.

The company will participate in NV Energy’s SolarGenerations program, which is scheduled to begin this summer. Initially, the program will be available to NV Energy customers in Las Vegas, North Las Vegas, Spring Valley, Winchester, Paradise, Henderson and Boulder City.  

According to a statement, the move could also boost the market for greeh tech-related jobs. SolarCity will double its current 400-member workforce in the state, thus making Nevada the company’s largest location. The company has been dominant in the solar power-heavy markets of California and Arizona, with a current cap of nearly $4.9 billion.



MGM Resorts Plans $86M Expansion of Mandalay Bay Convention Center

1 May 2014, 12:05 am

By Alex Girda, Associate Editor

Mandalay Bay Resort and Casino plans an $86 million expansion of its convention center that would increase its convention space to more than 2 million square feet.

The project would expand the 1.7 million-square-foot convention center by 350,000 square feet. MGM Resorts International, Mandalay Bay’s owner, said in a statement that additional improvements are planned, including a new underground parking structure and new exhibit space.

Also in the pipeline is a 70,000-square-foot ballroom that can be divided into five sections, allowing greater flexibility and more breakout areas for corporate groups.

When complete, the additions will boost the Mandalay Bay Convention Center’s total square footage from seventh to fifth in the nation, and its expanded 1.1 million square feet of exhibit space will bump up the property from No. 11 to No. 5. Construction is scheduled to begin late this year, followed by the opening of the new exhibit space in August 2015. The rest of the new facilities will come on line in January 2016. The additions will meet LEED Gold standards.

Image courtesy of mandalaybay.com



Revived Master Plan Would Bring 15,000 New Homes to North Las Vegas

24 Apr 2014, 4:09 am

By Alex Girda, Associate Editor

One of the largest residential projects in Nevada has found new life as developers have expressed the intention to break ground on a $3.2 billion master-planned community in North Las Vegas that could encompass up to 15,000 homes.

Originally approved in 2006, the Park Highlands project would occupy 2,600 acres. Despite the backing of the City Council, the project stalled due to a combination of financial problems and the economic downturn. A number of changes to the plan have revived the project, which would be located north of the Las Vegas Beltway near Aliante Parkway. With the final vote for a number of smaller master plans set for May, North Las Vegas could see a 10- to 15 year buildout.

Due to the project’s troubled financial history, the 2,600 acres of land are now under the ownership of eight different entities, The Las Vegas Sun reports. A representative for the owners has since revealed that the developers intend on rolling out a development process with groundbreaking aimed for  late 2014 or early 2015. The Sun also noted that the land has been split into two separate master-plans.

Utilities and storm drains are already in place on the 600-acre western site between Decatur Boulevard and Aliante Parkway, where about 4,000 homes would be built. Work is somewhat less advanced on the 2,000-acre eastern portion of Park Highlands; a pair of commercial and residential landowners hope to develop another 11,000 homes, according to The Las Vegas Review-Journal .



High-end Summerlin Office Property Hits the Market; Gladstein Group Gets Listing

17 Apr 2014, 2:57 am

By Alex Girda, Associate Editor

 

Sam Gladstein, president of the Gladstein Group, was named the exclusive sales agent by the Donald W. Reynolds Foundation for its property at 1701 Village Center Circle  in the Summerlin master-planned community. According to a statement, the asking price for the asset is around $11.5 million.

The 43,000-square-foot building is located on a 2.5-acre lot in Summerlin, and offers convenient access to McCarran International Airport, as well as to the 215 Beltway, U.S. 95 and U.S. 15.

The Reynolds Foundation’s property is a high-end office building offering a wide range of amenities that include expansive board rooms, state-of-the-art multimedia capabilities, full kitchen, fitness facilities, an executive dining room and on-site underground parking.

The building’s floor plans are potentially suitable for law, accounting and other professional services firms. The two-story 1701 Village Center Circle building includes executive wings with private offices and conference rooms, open areas designed for roomy cubicles, plus large file rooms, state-of-the-art computer server facilities and break/lunch rooms. Tech fixtures include a 60-ton cooling tower.

The building features prairie-style design, wide overhangs, garden-style landscaping, sandstone, granite, steel and glass flourishes, as well as a slate roof. Master craftsman woodwork and commissioned lighting fixtures adorn the interior.



Capital Square Realty Buys CVS Store in the Heart of Strip’s Development Boom

14 Apr 2014, 2:39 pm

By Alex Girda, Associate Editor

The appeal of drugstores to investors was recently underscored when an affiliate of Capital Square Realty Advisors L.L.C. acquired a 14,378-square-foot CVS on the ground floor of Sky Las Vegas, the luxury condominium tower on the Las Vegas Strip. Capital Square’s purchase also reflects the demand expected to flow from the multibillion-dollar resort projects under development nearby.

Located at 2700 S. Las Vegas Blvd., the store is leased to CVS Caremark Corp. on a long-term basis. Capital Square Realty CEO Louis Rogers commented in a statement, “The facility also benefits from a strategic location on the rapidly-developing north end of the Las Vegas Strip.”

High-profile projects under way include SLS Las Vegas, the 1,600-key resort scheduled to open this year on the former site of the Sahara, and the $2 billion Resorts World Las Vegas, which will debut in 2016 where the Stardust once stood.

Regarding the deal’s financing, Capital Square’s vice president of acquisitions, Yogi Singh, added that the firm placed “highly accretive debt on the property based on the credit of CVS Caremark Corporation.” BCG Capital Partners procured the senior debt.

Rendering courtesy of skylasvegas.com



Century Communities Acquires Dunhill Homes’ Las Vegas Operations

3 Apr 2014, 3:09 am

By Alex Girda, Associate Editor

With the metropolitan Las Vegas residential market on the upswing, some home builders are looking to expand their local footprint.  To name one example, Century Communities recently acquired Dunhill Homes’ Las Vegas operations.

The acquisition boosts Century Communities’ Las Vegas portfolio to 1,849 lots and its total holdings to 10,095 controlled lots, which translates to a 21 percent jump since the end of 2013.

The move comes as a natural continuation of the developer’s strategy to expand into major  markets with solid economic fundamentals, the company explained in a statement. Co-CEO’s Robert Francescon and Dale Francescon said that the move  “allows us to add an experienced operations team, with a reputation of delivering quality homes in well-located communities.”

Additionally, Century  is in a strong position in a land-constrained market, and its current assets will offer opportunities for growth.

Century now has a presence in five different residential communities, in the form of land, homes under construction and model homes. Two of those are master-planned communities with full amenities.  The new additions to the company’s inventory are one- and two-story single-family homes that range in size from 1,350 to 3,700 square feet.



Sansone Plans $23 Million Makeover for Boulevard Mall

30 Mar 2014, 8:19 pm

By Alex Girda, Associate Editor

Sansone Cos. plans a $23 million overhaul of the Boulevard Mall in a bid to restore the 49-year-old retail center to its former prominence. The multi-phase renovation will start this summer and is scheduled for completion in 2015. Details of the plans follow Sansone’s $55 million acquisition of the property late last year..

The renovation plan recently cleared a hurdle when it won approval from the city planning commission. Opened in 1965, the 1.2 million-square-foot center was a major force in the local retail market through the early 1980s.

As part of the overhaul, the property’s first in more than 20 years, Sansone will refresh the tenant roster with a variety of new retailers. Other highlights will include  a farmers market offering about 70 vendors, valet parking, free Wi-Fi, as well as a  food court upgrade that would add a number of new dining plus  four wide-screen plasma TVs.

Also in the works is a redesigned exterior with a new facade that will front Maryland Parkway and its corridor, plus new storefronts, awnings and landscaping.



Former North Las Vegas City Hall Awaits Next Chapter

21 Mar 2014, 8:25 pm

By Alex Girda, Associate Editor

One of North Las Vegas’s most distinctive properties is awaiting its next chapter. According to the Las Vegas Review-Journal, the former city hall is now available for prospective buyers or tenants after standing vacant for several years.

The building has a number of attributes that investors may find attractive, and upgrades that could be considered important assets. Located at the center of the redevelopment district, the former city hall offers great proximity to dining and transportation. The building is also compliant with the Americans with Disabilities Act, offers air conditioning, high ceilings and wide hallways. The property also features a glass-enclosed atrium.

The Review-Journal reported that the property, offering a total of 29,000 square feet of space, was recently assessed at $3.1 million–an estimate that falls short of  city expectations, especially in light of the current city hall’s $130 million cost.  According to the publication, the local government might lease out the building and wait for the real estate market to see some consistent improvement before seriously considering selling the asset.



Vestar Gives The District at Green Valley Ranch in Henderson a $3M Makeover

16 Mar 2014, 10:02 pm

By Alex Girda, Associate Editor

After a $3 million renovation, Vestar Development  has re-unveiled the District at Green Valley Ranch, a 384,100-square-foot retail center in Henderson, according to rentv.com.  A joint venture of Vestar and Rockwood Capital acquired the property two and  a half years ago in a $79 million deal.

Part of Green Valley Ranch, a  master-planned development at the foothills of Black Mountain, the District  features a tenant roster that includes Whole Foods, West Elm and William Sonoma. The 37-acre property has gone through a number of customer-oriented changes and improvements that aim to create a new ambiance for shoppers.

Vestar has added  new lighting above the revitalized Main Street district. Major changes to the exterior include new outdoor furniture, a splash pad for children and improved landscaping, including palm trees that will provide additional shade. The changes also offer the option of closing off the street for large-scale events.

The District at Green Valley Ranch was built in phases with the first totaling 212,600 square feet of retail and office space on Green Valley Parkway, plus 88 luxury condo units. Phase two  totals 171,500 square feet of retail and office on a 16-acre parcel. Combined vacancy for both phases is less than 20 percent, rentv.com reports.



Siegel Group Buys 119-Unit M-F Property Near Strip, Expanding Flexible-Stay Portfolio

10 Mar 2014, 1:57 am

By Alex Girda, Associate Editor

The Siegel Group Nevada Inc. recently expanded its local apartment portfolio with a purchase near the Las Vegas Strip. The commercial real estate and business development company has completed a $4.2 million deal for Solana Square, a 119-unit property located off Paradise Road. The Siegel Group plans to rename the property Siegel Suites Twain III, one of 23 flexible-stay communities Siegel Group operates throughout Nevada.

Completed in 1987, Solana Square is located near the Hughes Center, as well as the Wynn Golf Course, which is located just across the street from the community. Occupancy averages 90 percent.

Siegel Group also owns another nearby property, the 186-unit Siegel Suites Twain. Operating the two properties together is expected to reduce operating costs.

Stephen Siegel, the company’s CEO, indicated in a statement that the firm is looking to “continue expanding the brand throughout Southern and Northern Nevada with new markets such as California and Arizona to follow soon..

Image courtesy of lasvegas.com



Brookdale Gains 3 Las Vegas Properties in $2.8 Billion Emeritus Deal

3 Mar 2014, 10:29 pm

By Alex Girda, Associate Editor

Brookdale Senior Living’s blockbuster $2.8 billion acquisition of Emeritus Corp. involves three properties in Vegas. The two companies are touting the merged companies as the first national senior living solutions provider, one that can offer facilities within 10 miles of 6.5 million seniors age 80 and over.

The three local Emeritus communities are Emeritus at The Plaza, Emeritus at Spring Valley and Emeritus at Las Vegas. Located at 6031 West Cheyenne Ave., Emeritus at The Plaza offers retirement and assisted living facilities, with individual retirement cottages featuring two bedrooms, two baths and full kitchens. Other options include studios, one-bedroom apartments and large one-bedroom suites that offer full bathrooms and kitchenettes. All units offer individual climate control and free maintenance.

Emeritus at Spring Valley is located  at 8800 West Tropicana Ave. and offers services that include Alzheimer’s and memory care. Emeritus at Las Vegas is located at 3025 East Russell Road and provides assisted living, memory care, short stay/respite care services and on-site rehabilitation.

The $2.8 billion price tag includes $1.4 billion in mortgage debt. According to
The Las Vegas Review-Journal, the merger will increase Brookdale’s portfolio to 1,161 senior housing communities comprising 112,700 units. Emeritus shareholders will own about 27 percent of Brookdale.

Image courtesy of emeritus.com



Infinity Obtains $5M SBA Construction Loan for Hospice Facility

21 Feb 2014, 8:38 pm

By Alex Girda, Associate Editor

TMC Financing provided Infinity Hospice Care of Las Vegas, L.L.C. with a $5 million SBA 504 loan for construction of a 9,616-square-foot hospice, TMC said Feb. 15 in a statement. Cindy Santilena served as business development officer for TMC on the transaction.

The 12-bed hospice facility, which opened last August at 6330 S. Jones Blvd., also includes a 9,015 square-foot office support building. Infinity Executive Vice President Brian Bertram commented in a statement that the facility “will help address the demand in the Las Vegas Valley for more comprehensive in-patient, supportive care.”

Demand for healthcare-related facilities in Las Vegas is expanding. Last November, the Las Vegas City Council approved CITRA Real Estate Capital’s plans to develop a $71 million assisted living and skilled nursing facility on a former rail yard at 394 S. City Parkway. CITRA’s project will offer 150 beds and 140 residential units, as well as a parking structure that will accommodate 464 vehicles.



MIG Buys Office/Medical Office Complex in Henderson

13 Feb 2014, 10:10 pm

By Alex Girda, Associate Editor

In the latest sign of improvement in the metropolitan Las Vegas office market, MIG Real Estate acquired Sansone Pecos II, an eight-building, Class A office/medical office portfolio in Henderson’s upscale Green Valley. Located near the I-215 and South Pecos Road interchange at 9005-9089 South Pecos Road, the one- and two-story buildings total 122,922 square feet. CBRE Group Inc. represented the seller; neither the identity of the prior owner nor the purchase price was disclosed.

“Sansone Pecos II has strong upside potential, benefiting from the improving real estate fundamentals of Las Vegas and the solid employment base of its Southeast submarket,” said Greg Merage, CEO of Newport Beach, Calif.-based MIG, in a statement. “We will continue to evaluate opportunities within Las Vegas’ growing and economically diverse submarkets.”

Sansone/Pecos II is about one mile from The District, the upscale lifestyle center, four miles from McCarran International Airport and 12 miles from the Las Vegas Strip.

Since 2009, MIG has acquired 20 properties, five of them in the Las Vegas Valley. Focusing on major western markets, the firm has acquired more than $850 million worth of office, retail, hospitality and multifamily assets, according to a company statement.

 



Rialto Capital, Kismat Investments Pay $10M for N. Las Vegas Strip Mall

6 Feb 2014, 7:00 pm

By Alex Girda, Associate Editor

A joint venture of Rialto Capital and Kismat Investments recently picked up Craig Promenade, an 86,395-square-foot retail center in North Las Vegas, in a $10.1 million deal. Faris Lee Investments represented the seller, an affiliate of San Mateo Calif.-based TNP Strategic Retail Trust Inc.

Located at 525-785 West Craig Road near Craig Ranch Regional Park, the property was constructed in 1985 and was 70 percent occupied when the deal closed last month. National tenants include Big Lots and Metro PCS, as well as local retailers.

“Over the last few quarters the Las Vegas retail market has continued to improve, with expectations that we will continue to see positive momentum as the national and local economies gain traction. We’re now at the front end of this recovery,” Faris Lee president & CEO Rick Chichester said in a statement. Rob Moore, Lisa Brady and Katie Brase of the firm’s Las Vegas office highlighted the Craig Promenade’s leasing and development potential in marketing the property. A long-term exit strategy includes an option to divide the property into four parcels.

Craig Promenade is the third of three retail properties that Faris Lee has sold on behalf of TNP SRT over the past 12 months. Previously, Faris Lee had represented the seller in the disposition of Waianea Town Center, a 171,065-square-foot regional center on the island of Oahu, Hawaii, and Willow Run, a 91,565-square-foot grocery-anchored center in metropolitan Denver.

John Chun and Sebastian Trujillo of HFF arranged $7.3 million financing for the Craig Promenade acquisition. RRA Capital Management provided three-year, floating-rate financing.







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